Holding above 2630-2620 is a sign of strength. However inability to break cleanly above 2680-2690 is a sign of weakness. This is portrayed better in the Ichimoku cloud chart. Breaking below 2630 will lead to a move below 2600 with bearish implications for the medium-term. With 2580 the most probable target, I remain slightly bearish at current levels. A higher low around 2550 would be ideal for the next leg higher….2470 key support level for the longer-term trend. Breaking below it will increase dramatically the chances for a new low towards 2200-2000.

NASDAQ

Key short-term support at 6600 while I expect a pull back towards 6450 at least. Longer-term bullish scenario gets less chances of success on a break below 6220.

A higher high now will only add to the RSI bearish divergence. Pull back now is the most probable scenario.

DAX

Time for a pull back here as well as price is sliding on top of the long-term upward sloping support trend line

DAX remains inside the longer-term bearish channel and I expect price to get rejected here.

Have a great week people and thank you for taking the time to catch up with my thinking.

Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.